Market Watch: March Foreclosures Up by 57%
Compared to March 2007, the number of foreclosure listings rose by 57 percent last month. There was also a 5 percent increase from the number of filings in February 2008.
About 234,685 homes entered some stage of foreclosure, according to the online foreclosure realtor RealtyTrac. These homes included those that received default, auction and bank repossession notices. Out of these, 51,393 homes were actually foreclosed. This was 10 percent more than the number of homes that were lost to foreclosure last February. On the other hand, bank repossessions were up by 129 percent.
What is evident from the current statistics is that more and more homeowners are choosing to walk away after receiving default notices. Many experts are getting concerned that this seems to be a growing trend in the current foreclosure crisis.
In most instances, owners will try to work out a repayment or loan modification plan with their lenders to avoid ending up in foreclosure. But with the declining home prices, many found themselves with little or no equity left. As soon as the default notices are received, these owners pack and leave.
For the month of March, the state of Nevada posted the highest rate of foreclosure followed closely by California and Florida. These states were actually the places hit hardest considering that they were the favorites of speculative buyers during the most recent housing boom.
Although there are concerted efforts coming from the federal government and non-profit organizations to help the victims of the subprime mortgage meltdown, it will probably take awhile before any recovery can be seen.
The only ones who are actually benefiting from the present situation are the buyers and investors who are taking advantage of the wonderful investment opportunities that foreclosure properties offer. If you are also interested in making a good investment, you should check out the foreclosure listings from Mostly Foreclosures.
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Commercial Foreclosures Also On the Rise
Foreclosure Bargains: What You Need to Know
The Future of the Foreclosure Market
